The revenue received from the sale of an additional unit of a product
A) is a marginal benefit to the firm.
B) is called profit.
C) is called gross sales.
D) is called a net gain.
Answer: A
Economics
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Suppose the quantity demanded of cigarette cartons falls by 5% when prices are increased by 100%. The price elasticity of demand for cigarettes is
A) elastic and equal to 0.05. B) inelastic and equal to 0.05. C) elastic and equal to 20. D) inelastic and equal to 20.
Economics
For a common resource, the marginal private benefit of the resource is greater than the marginal social benefit
Indicate whether the statement is true or false
Economics